June 4, 2016 |
Exelon Corp. said Thursday that it will give early retirements to Illinois nuclear power plants it says are among its best performers, now that the state Legislature declined to act on the company's request for financial support. Exelon - the parent company of Philadelphia-area utilities Peco Energy, Atlantic City Electric, and Delmarva Power & Light - announced that it would retire its Quad Cities and Clinton plants, which have lost a combined $800 million in seven years in electricity markets depressed by low natural-gas prices.
April 29, 2016 |
A federal jury on Wednesday found two leaders of the defunct Nova Financial Holding Inc. guilty of a scheme to defraud the U.S. Treasury Department's bank bailout program in 2009. Prosecutors charged that Barry R. Bekkedam, the bank's founding chairman, and Brian M. Hartline, its chief executive, orchestrated a series of fraudulent loans to customers who would then invest the money back into Nova in a bid to qualify for $13.5 million in federal bank bailout funds. The scheme fell apart after the treasury department rescinded its offer of bailout money for unrelated reasons.
January 9, 2016 |
A federal grand jury in Wilmington has indicted the former Wilmington Trust Corp. on criminal charges, alleging the bank illegally hid hundreds of millions of dollars in land-development loans that were so delinquent that one banker called them "credit turds. " Although a number of larger U.S. banks were forced to sell themselves at bargain-basement prices as property values collapsed in the recession, Wilmington Trust is the only bank bailed out by the Troubled Asset Relief Program to face criminal charges, according to Charles Oberly, U.S. attorney for Wilmington.
October 19, 2015
'We bet on America when everyone else was running for the hills," boasts hedge fund manager Gary Hindes . As an investigative reporter in the 1970s, Hindes was kicked out of a federal archive in Wilmington. He later led Delaware's Democratic Party, helping Joe Biden build a prodigious network beyond its narrow borders. His Fallen Angels Fund buys deflated securities, and fights to reinject lost value. Often, that means fighting government agencies to fix what Hindes contends are wayward bailouts.
February 2, 2015 |
C'MON YOU GUYS, let's turn those frowns upside down! OK, so maybe Vice President Joe Biden didn't bust out preschool encouragements like that one yesterday while addressing the House Democratic caucus at the Sheraton Philadelphia Society Hill Hotel. But he did urge the crowd of congressmen and women to stop lamenting their losses in the November midterm election, and focus instead on telling voters a happy story about a little place called America. Biden said the country was on the brink of entering another Great Depression when he and President Obama took office in 2009: Nearly a million people had lost their jobs, and banks and the automotive industry were about to topple.
July 16, 2014 |
IS A taxpayer-funded nonprofit tied to state Rep. Louise Bishop getting a secret bailout from the Laborers union? That's what some Laborers' Local 332 members are asking after the union quietly purchased the Louise Williams Bishop Retail and Commercial Center, a mostly vacant building at 59th Street and Lancaster Avenue. Construction on the shopping center, originally named after the West Philly state representative who obtained public grants for the project, began in 2010, but it was never completed.
August 11, 2013 |
At the heart of the impasse that Philadelphia School Superintendent William R. Hite Jr. says is threatening his ability to start class on time this fall are two men - Mayor Nutter and City Council President Darrell L. Clarke - who have known each other for decades and rarely seem to agree. Their latest difference of opinion centers on part of a state bailout for the schools that calls for the city to borrow $50 million against future sales tax collections. Clarke says the state gave Philadelphia a "bad deal" without consulting key city politicians, and he wants to change the terms of the bailout.
July 26, 2013 |
DETROIT - General Motors stock would have to sell for $95.51 per share for taxpayers to break even on bailing out the company, according to a government watchdog's report released Wednesday. That price is about three times what GM shares are selling for now, even after a 25 percent increase in the price so far this year. "There's no question that Treasury, the taxpayers, are going to lose money on the GM investment," Special Inspector General Christy Romero, author of the July quarterly report to Congress, said in an interview.
July 20, 2013
Herbert Allison Jr., 69, the former president of investment bank Merrill Lynch and a key official in the U.S. response to the financial crisis that erupted in 2008, died Sunday of an apparent heart attack at his home in Westport, Conn., said his son Andrew. Mr. Allison spent the bulk of his career - 28 years - at Merrill Lynch. Three years after leaving the investment bank, he became chief executive of TIAA-CREF, which manages the retirement accounts of teachers and nonprofit-sector employees.
June 26, 2013 |
Gov. Corbett has belatedly realized what's been obvious for years: The state's utterly inadequate funding of K-12 education is a massive political liability for him, one that could well sink his reelection. The attention is welcome, even if the deal he is cooking up to bail out the city's schools is an atrocious one for Philadelphia taxpayers. Corbett's epiphany that education matters was likely helped along by two new polls commissioned by organizations frantic to ensure that Philadelphia's public schools open in the fall with something more than a skeleton crew of teachers and a principal.